Two Democrats are running to challenge state Treasurer John Leiber, the only Republican who currently holds a constitutional office in Wisconsin, in November.
The Wisconsin State Constitution established the office of state treasurer, which is the state’s chief financial officer. The treasurer serves on the Wisconsin Investment Board, the Public Employee Trust Fund and the Board of Commissioners of Public Lands (BCPL). The BCPL also oversees the Common School Fund, which is the fund used to purchase library books and other instructional materials for schools and has grown into a $1.6 billion trust.
Leiber, first elected in 2022, is running for his second term in office this year. During his first campaign for the office, Leiber committed to not expanding the scope of the office’s responsibilities and has said he plans to continue that in another term.
“You can count on me to continue administering this office without growing government and without using it as a stepping stone to another office,” Leiber states on his campaign website.
Leiber’s commitment was a change from the previous treasurer, current Secretary of State Sarah Godlewski. Godlewski fought a Republican campaign to pass a constitutional amendment eliminating the office before she was elected and sought to expand its scope while she held it.
“As a fiscal conservative, I’m proud of my work safeguarding and growing our investments,” Leiber said in his reelection announcement. “The Common School Fund distributes money annually to K-12 school libraries for materials and technology. This is the only dedicated funding for school libraries statewide and my top priority is to ensure the fund continues to thrive in the future.”
Leiber was endorsed by the Republican Party of Wisconsin at its convention last month. He was brief in asking for the endorsement.
“I want to keep working for you. I know I can win. I did it four years ago and I want to keep working for every Republican,” Leiber said.
Yee Leng Xiong, a Marathon Co. supervisor and school board member, and Dylan Helmenstine, a Black Earth village board trustee and local school board member, are seeking the chance to oust Leiber. Voters will decide in the Aug. 11 primary which of them will advance to the general election.
Xiong says office “isn’t ceremonial”
“Most people don’t know what the State Treasurer does — and that’s exactly the problem,” Xiong said in his campaign announcement. “This office isn’t ceremonial. It’s a responsibility. The Treasurer helps oversee Wisconsin’s school trust funds, supports low-interest loans that help communities build infrastructure, and works to return unclaimed money to families. Wisconsin deserves a Treasurer who has actually managed public budgets and understands how every dollar affects real people.”
Xiong has served as a member of the Marathon County Board since 2016 and currently serves as the vice chair of the public safety committee and on the county’s health and human services committee and the board of health. Xiong also currently serves as treasurer of the DC Everest School Board.
Xiong lost a campaign for the state Assembly in 2024 against a longtime Republican incumbent.
If elected, Xiong would be the first Hmong American to serve in a statewide position in Wisconsin. He previously served as the executive director of the Hmong American Center.
According to his campaign website, Xiong’s priorities for the office include protecting and growing the school trust fund, strengthening efforts to return unclaimed property to Wisconsinites and promoting financial literacy programs.
Xiong has been endorsed by U.S. Sen. Tammy Baldwin as well as other Wisconsin Democrats including former Lt. Governor Barbara Lawton, state Reps. Christine Sinicki, Jodi Emerson, Lori Palmeri, Andrew Hysell, Tara Johnson and Brienne Brown.
Baldwin said in a statement that Xiong has spent his career “managing public dollars responsibly and delivering for the people he serves.”
“He brings real budget experience from the school board, the county board, and the nonprofit world, and he understands that the Treasurer’s job is to be an independent watchdog for Wisconsin taxpayers,” Baldwin said in a statement. “He’ll protect our school trust funds, return unclaimed money to families who earned it and bring accountability to an office that demands it.”
Helmenstine calls for school voucher transparency on tax bills
Helmenstine launched his campaign in November, saying that he’ll use the office to boost transparency, including for schools, and help people stay informed about the state laws and finances.
According to his campaign website, Helmenstine would seek to create a publicly available digital budget dashboard, work with other leaders to establish task forces to address healthcare costs, housing affordability, datacenter impacts and educational opportunities. He also said he wants to employ interns and fellows in the office to help them gain experience in government transparency and accountability. He said he views Godlewski’s time in office as “the gold standard” and wants to “carry on that mission to always be working to build a better future for working people in Wisconsin.”
Helmenstine supports local efforts to give taxpayers more information about how much of their tax bill goes to support the state’s school voucher program. Green Bay became the first municipality in the state to add the cost of private voucher schools as a line on residents’ property tax bills in 2025.
“Green Bay built the blueprint for how we can be transparent with taxpayers. People should know how much of our money is going towards public education and how much is going to private vouchers,” Helmenstine said in a statement. “We are already in a moment of crisis for school funding. With enrollment caps ending, Wisconsin schools are facing even more pressure. When the majority in the state legislature fails to act, statewide offices need to work with our local communities and fill the gap.”
Helmenstine, who grew up in Black Earth, serves as a village board trustee and also served on the Wisconsin Heights School Board. He was appointed in 2024 by Gov. Tony Evers to serve on the Teacher’s Retirement Board, which oversees the Employee Trust Funds and the State of Wisconsin Investment Board staff.
Helmenstine is endorsed by state Sen. Tim Carpenter, Rep. Alex Joers and Milwaukee Ald. Peter Burgelis, who is running for Congress.
